Steve Cohen, a billionaire fund manager and owner of the New York Mets, spoke at Tuesday’s SALT conference about why he took a personal and financial interest with cryptocurrency. This is surprising considering he had dismissed the space for many years.
Cohen: From Skeptical to Supporter
Bloomberg reports that Cohen claims it was his son, a “cryptomaniac”, who convinced him to study the industry more. Cohen has spent the last few months learning as much as he can about the technology from informed people.
Cohen stated that “Once I realized there were opportunities, I thought this space could be like the internet — It could be extremely transformative – I wasn’t going to miss it” at the ‘Generating Alpha Markets in Baseball’ discussion.
The billionaire has made personal investments in the industry. Radkl, a digital asset trading company that uses quantitative trading to trade digital assets, has received his personal money. His family has also contributed $50 million to Metaverse’s development company Recur.
Cohen is interested in the entire cryptocurrency industry, not just one token. He actually dismisses the first one.
He said last week that he doesn’t care about Bitcoin. “I care more for the technology behind blockchain and how transformative it is, and how disruptive it might be,” he said.
SteveCohen. Source: NYTimes
Bitcoin is a Light for Billionaires
Cohen isn’t the only big-money person to make a change in his mind about digital assets. After telling people to “get rid” of Bitcoin in 2018, Jordan Belfort, aka “The Wolf on Wall Street”, now predicts that Bitcoin will surpass $100k by 2018. He points out the asset’s finite supply to be a reason to feel “spoiled” by Bitcoin.
Even though he remains skeptical, Peter Schiff admits that Bitcoin could surpass $100k by the end of the year and that he should have bought it when he had the opportunity in 2011. But unlike Cohen, Peter Schiff’s crypto-cratic son Spencer Schiff was unable to convince him.
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